The long-running disagreement between Elon Musk and Twitter appears to be concluding, with the crypto-friendly billionaire poised to complete the acquisition of the social media network by 28th October, amid rumours that the social media titan is developing a prototype crypto wallet.
Bloomberg cites sources acquainted with the situation as saying that on a conference call on Monday, October 24th, Musk purportedly informed the financial backers of the acquisition that a resolution is close. Co-investors in the agreement include Qatar’s Investment Authority, cryptocurrency exchange Binance, and venture capital company Sequoia Capital.
According to the rumours, Musk wants to complete the transaction by November 1st for the $44 billion agreed upon price. The deal will be completed by the deadline established by a Delaware judge in July, once Musk had considered pulling out of the agreement. Musk anticipates announcing the purchase at a share price of $54.20. According to Yahoo Finance, the revelation caused Twitter’s share price to surge, which led to a day-ending closing price of $52.78 (a gain of 2.4%).
Twitter Getting Ready for Web 3.0 with Integration of Crypto Wallets
These most recent advances came just days after security researcher Jane Manchun Wong, who was recognized as one of Forbes’ “30 under 30” for her high-profile tech disclosures, said that Twitter may be developing a crypto wallet.
Wong claimed on Twitter on October 24th that the social media platform was developing a “wallet prototype” that supported “crypto deposit and withdrawal” services, but she provided no references to back up her assertion.
With the introduction of Bitcoin in September 2021 and Ethereum in February 2022, Twitter has gradually added features that facilitate cryptocurrency integration. One such feature is the possibility to tip content creators in cryptocurrency. Twitter adopted support for non-fungible tokens (NFTs) as part of other improvements that happened in early 2022, allowing users to alter their profile images to their digital art holdings.
Although Twitter hasn’t made any official announcements about the release of a cryptocurrency wallet, the addition of such a feature could cause the platform to evolve into a fully fledged Web 3.0 offering. Much of Twitter’s change toward the acceptance and use of digital assets has been attributed by the crypto community to Elon Musk’s long-proposed acquisition of the business.
Crypto advocate and trader Mason Versluis suggests that Ripple (XRP),
Bitcoin (BTC) and Dogecoin (DOGE)
are three of the most promising choices for the rumoured project. Crypto enthusiasts are curious to discover which cryptos would be compatible with the possible crypto wallet.
As an Alternative
- Cryptocurrency wallets are frequently acknowledged as helpful additions to blockchain projects, but their usage in social networking platforms is rarely thought of. After closing its Diem (formerly Libra) project, Meta, previously recognized as Facebook, closed down its Novi Wallet project in September of this year.
- Internal Twitter papers, according to a Reuters article from October 26th, show that the service is having trouble keeping its most active users, who are those that log in at a minimum of three per week and tweet at least once per day.
Reasons to be concerned
Twitter’s “top objective,” according to Musk, is lowering the volume of spam on the service. The use of bitcoin micropayments to reduce spam transactions was briefly contemplated by the Tesla CEO as part of his intention to acquire Twitter, but subsequent events indicate that this might no longer be a consideration.
About 396,5 million individuals use Twitter worldwide; the inclusion of a cryptocurrency wallet may persuade more people to participate in the micropayment industry and promote bitcoin acceptance among Twitter’s large user base.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.